Currency exchange under payments dollarization: converting a source of efficiency loss into a catalyst for financial development in Cambodia
Currency exchange under payments dollarization: converting a source of efficiency loss into a catalyst for financial development in Cambodia
复制标题
支付美元化下的货币兑换：将效率损失的根源转化为柬埔寨金融发展的催化剂
DOI：
10.1080/13547860.2021.1879351
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发表时间：
2021
影响因子：
1.4
通讯作者：
Chea Yuthan
中科院分区：
文献类型：
--
作者：
Kubo Koji;Sam Vichet;Chea Yuthan
支付美元化使得企业必须承担货币兑换的负担，即使是国内交易，这被认为是整个经济的效率损失。然而，货币兑换，如果被银行抓住，可以成为金融发展的催化剂。使用企业层面的数据集，从原来的调查，揭示了货币兑换的流行，由于支付美元化，我们的研究采用了logit模型的方法来调查企业的货币兑换方法的决定。实证结果证实，企业对现金支付的依赖性和对价格差异的感知影响了他们的决策。具体而言，现金支出占总支出的高比例以及他们认为货币兑换商在价格上具有竞争力与企业对货币兑换商的偏好有关。我们的研究结果表明，有效的政策干预，以促进在银行的货币兑换，包括货币汇率的披露，由中央银行的企业的知情决定，以及同时促进非现金支付方式。
Payments dollarization necessitates firms to take on a burden of currency exchange even for domestic transactions, which is regarded as an economy-wide efficiency loss. However, currency exchange, if seized by banks, can serve as a catalyst for financial development. Using a firm-level dataset from an original survey that reveals the prevalence of currency exchange due to payments dollarization, our study adopts the logit model approach to investigate firms’ decisions on currency exchange methods. The empirical results confirm that firms’ dependence on cash payment and their perception of price differences influence their decisions. Specifically, a high ratio of cash expenditure to total expenditure and their perception of money changers being competitive in price are associated with firms’ preference of money changers to banks. Our findings suggest effective policy interventions for the promotion of currency exchange at banks, including disclosure of currency exchange rates by the central bank for firms’ informed decisions as well as the concurrent promotion of non-cash payment methods.